$BHR-PD

Ashford Hospitality Prime, Inc.

CIK:0001574085|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Total hotel revenue	$ 171,026	$ 179,077	$ 380,009	$ 394,897
Hotel operating expenses:
Total hotel operating expenses	117,177	125,038	247,037	260,753
Property taxes, insurance and other	7,507	7,892	12,159	18,357
Depreciation and amortization	21,433	23,360	44,012	46,755
Advisory services fee	7,280	7,191	14,684	13,802
Corporate general and administrative	4,413	(2,298)	9,280	596
Total operating expenses	157,810	161,183	327,172	340,263
Gain (loss) on disposition of assets and hotel property	17,395	0	17,398	0
OPERATING INCOME (LOSS)	30,611	17,894	70,235	54,634
Equity in earnings (loss) of unconsolidated entity	0	0	(31)	0
Interest income	774	1,519	1,584	3,407
Other income (expense)	0	(1,250)	0	(1,250)
Interest expense and amortization of discounts and loan costs	(20,513)	(25,361)	(41,708)	(50,188)
Write-off of loan costs and exit fees	(1,484)	(3)	(1,489)	(1,467)
Realized and unrealized gain (loss) on derivatives	35	15	283	(183)
INCOME (LOSS) BEFORE INCOME TAXES	9,423	(7,186)	28,874	4,953
Income tax (expense) benefit	(2,481)	345	(3,898)	(1,122)
NET INCOME (LOSS)	6,942	(6,841)	24,976	3,831
(Income) loss attributable to noncontrolling interest in consolidated entities	48	(115)	65	(51)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	48	1,489	(299)	1,751
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	7,038	(5,467)	24,742	5,531
Preferred dividends	(7,741)	(8,992)	(15,781)	(18,261)
Deemed dividends on preferred stock	(8)	(1,559)	(4,771)	(5,835)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (711)	$ (16,018)	$ 4,190	$ (18,565)
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.01)	$ (0.24)	$ 0.06	$ (0.28)
Weighted average common shares outstanding – basic (in shares)	68,679	67,279	68,556	67,013
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders (in dollars per share)	$ (0.01)	$ (0.24)	$ 0.06	$ (0.28)
Weighted average common shares outstanding – diluted (in shares)	68,679	67,279	68,556	67,013
Total hotel revenue
REVENUE
Total hotel revenue	$ 171,026	$ 179,077	$ 380,009	$ 394,897
Rooms
REVENUE
Total hotel revenue	102,183	109,824	230,984	245,916
Hotel operating expenses:
Total hotel operating expenses	24,218	27,285	49,096	55,504
Food and beverage
REVENUE
Total hotel revenue	45,322	45,571	97,664	97,359
Hotel operating expenses:
Total hotel operating expenses	34,897	35,767	73,807	75,977
Other
REVENUE
Total hotel revenue	23,521	23,682	51,361	51,622
Hotel operating expenses:
Total hotel operating expenses	52,924	56,445	112,802	116,821
Management fees
Hotel operating expenses:
Total hotel operating expenses	$ 5,138	$ 5,541	$ 11,332	$ 12,451

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 24,976	$ 3,831
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	44,012	46,755
Recognition of deferred income	(356)	(336)
Equity-based compensation	0	(95)
Bad debt expense	180	8
Amortization of loan costs and discounts	5,134	5,143
Write-off of loan costs and exit fees	1,489	1,467
Amortization of intangibles	189	214
Amortization of non-refundable membership initiation fees	(1,509)	(1,275)
Interest expense accretion on refundable membership club deposits	255	286
Realized (gain) loss on sale of securities	0	1,250
(Gain) loss on disposition of assets and hotel property	(17,398)	0
Realized and unrealized (gain) loss on derivatives	(283)	183
Non-cash interest income	(301)	(307)
Equity in (earnings) loss of unconsolidated entity	31	0
Deferred income tax expense (benefit)	1,283	(47)
Changes in operating assets and liabilities, exclusive of disposition of assets and hotel property:
Accounts receivable and inventories	(1,115)	(4,168)
Prepaid expenses and other assets	1,075	(1,258)
Accounts payable and accrued expenses	(9,580)	(13,907)
Operating lease right-of-use assets	103	114
Due to/from related parties, net	79	(419)
Due to/from third-party hotel managers	(3,093)	(916)
Due to/from Ashford Inc.	(4,030)	(2,342)
Operating lease liabilities	1	16
Other liabilities	1,727	3,998
Net cash provided by (used in) operating activities	42,869	38,195
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance	716	3,112
Proceeds from sale of investment in securities	0	23,750
Acquisition of land	0	(5,509)
Net proceeds from sale of hotel property	169,221	0
Proceeds from sale of investment in unconsolidated entity	58	0
Improvements and additions to hotel properties	(17,819)	(33,012)
Net cash provided by (used in) investing activities	152,176	(11,659)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness	0	363,000
Repayments of indebtedness	(156,751)	(365,180)
Payments of loan costs and exit fees	(1,574)	(8,855)
Payments for derivatives	(45)	(508)
Proceeds from derivatives	25	424
Purchase of common stock	0	(51)
Payments for dividends and distributions	(18,386)	(24,202)
Contributions from noncontrolling interest in consolidated entities	0	306
Redemption of operating partnership units	0	(92)
True-up for acquisition of noncontrolling interest in consolidated entities	48	0
Redemption of preferred stock	(33,291)	(40,746)
Net cash provided by (used in) financing activities	(209,974)	(75,904)
Net change in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale)	(14,929)	(49,368)
Cash, cash equivalents and restricted cash at beginning of period	166,833	185,057
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	151,904	135,689
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	37,340	45,361
Income taxes paid (refunded)	317	463
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid	3,807	8,627
Common stock purchases accrued but not paid	0	750
Assumption of debt in acquisition of land	0	5,360
Capital expenditures accrued but not paid	4,516	8,300
Distributions declared but not paid to a noncontrolling interest in a consolidated entity	0	2,125
Non-cash preferred stock dividends	1,260	1,602
Unsettled proceeds from derivatives	2	57
Non-cash common stock/unit dividends	0	502
Non-cash redemption of common units	1,391	9,284
Non-cash consideration for acquisition of land	0	1,814
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period	124,354	135,465
Restricted cash at beginning of period	42,479	49,592
Cash, cash equivalents and restricted cash at beginning of period	166,833	185,057
Cash and cash equivalents at end of period	93,865	80,226
Restricted cash at end of period	52,604	55,463
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	146,469	135,689
Cash and cash equivalents at end of period included in assets held for sale	4,306
Restricted cash at end of period included in assets held for sale	1,129	0
Cash, cash equivalents and restricted cash at end of period (including cash, cash equivalents and restricted cash held for sale)	$ 151,904	$ 135,689

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Investments in hotel properties, gross	$ 1,402,848	$ 1,902,328
Accumulated depreciation	(304,522)	(344,061)
Investments in hotel properties, net	1,098,326	1,558,267
Cash and cash equivalents	93,865	124,354
Restricted cash	52,604	42,479
Accounts receivable, net of allowance of $129 and $113, respectively	27,671	32,843
Inventories	3,278	4,741
Note receivable	9,197	8,896
Prepaid expenses	4,342	6,987
Deferred costs, net	73	75
Investment in unconsolidated entity	0	89
Derivative assets	373	56
Operating lease right-of-use assets	330	30,743
Other assets	9,912	15,368
Intangible assets, net	0	2,746
Assets held for sale	327,886	0
Total assets	1,658,741	1,861,732
Liabilities:
Indebtedness, net	745,918	1,103,450
Accounts payable and accrued expenses	98,222	142,123
Redeemable preferred stock redemptions payable	54,760	30,864
Dividends and distributions payable	3,807	7,672
Operating lease liabilities	383	20,058
Other liabilities	7,500	25,572
Liabilities associated with assets held for sale	268,178	0
Total liabilities	1,180,304	1,336,611
Commitments and contingencies (note 15)
Redeemable noncontrolling interests in operating partnership	15,197	19,005
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026 and December 31, 2025	16	16
Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	687	682
Additional paid-in capital	707,922	706,488
Accumulated deficit	(561,597)	(568,503)
Total stockholders’ equity of the Company	147,028	138,683
Noncontrolling interest in consolidated entities	2,030	2,095
Total equity	149,058	140,778
Total liabilities and equity	1,658,741	1,861,732
Series B Preferred Stock
Liabilities:
Series preferred stock	65,426	65,426
Series E Preferred Stock
Liabilities:
Redeemable preferred stock redemptions payable	53,400	30,200
Series preferred stock	215,936	265,695
Series M Preferred Stock
Liabilities:
Redeemable preferred stock redemptions payable	1,300	642
Series preferred stock	32,820	34,217
Ashford Inc.
ASSETS
Deposit paid to Ashford Inc.	17,000	17,000
Liabilities:
Due to related parties and nonrelated parties	680	5,148
Related Party
Liabilities:
Due to related parties and nonrelated parties	199	257
Nonrelated Party
ASSETS
Due from third-party hotel managers	13,884	17,088
Liabilities:
Due to related parties and nonrelated parties	$ 657	$ 1,467